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September 28, 2026 — Big Tech is pouring extraordinary amounts of capital into artificial intelligence. But does spending the most money mean capturing the most value?Zach Abraham looks at the AI boom through a different lens after a conversation with the founder of a fast-growing AI startup. Zach argues that smaller, more focused companies may have advantages the hyperscalers don't: greater agility, clearer economics, products built directly around consumer needs, and dramatically less capital required to reach profitability.The founder shared private growth projections with Zach that he uses as one data point — not proof — in his broader argument that the eventual winners in AI may look very different from the companies currently spending the most money. Zach explicitly describes the startup example as only one piece of evidence and says his view could change as new information emerges.Zach also breaks down the continued surge in Treasury yields, weakness in gold and precious metals, the dollar, oil markets, and the latest developments surrounding the Strait.
FREE LIVE WEBINAR — THE GAME PLAN
Join Zach Abraham live October 1 at 3:30 PM Pacific for The Game Plan — a free webinar on the market risks shaping the rest of 2026, including inflation, energy, interest rates, AI spending, and what investors should be watching next.
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